On January $1,2024,$ Hometowne Construction financed the purchase of a new building by borrowing $$617,000$ from the bank using a

$30-$year, $6\%$ note payable. Payments of $$3,699\mathrm{.}23$ are due at the end of each month, with the first installment due on January $31,2024.$

Record the issuance of the installment note payable and the first monthly payment. $($If no entry is required for a particular

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round your intermediate calculations.

Round your final answers to $2$ decimal places.$)$

Journal entry worksheet

Record the issuance of the installment note payable.

Note: Enter debits before credits.